- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (12/02/2015)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 12/02/2015.
Finance Act 2003, Paragraph 4A is up to date with all changes known to be in force on or before 04 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F14A(1)Where, in the case of a transaction (“the relevant transaction”) that is exempt from charge by virtue of paragraph 1 (group relief)—U.K.
(a)there is a change in the control of the purchaser,
(b)that change occurs—
(i)before the end of the period of three years beginning with the effective date of the relevant transaction, or
(ii)in pursuance of, or in connection with, arrangements made before the end of that period,
(c)apart from this paragraph, group relief in relation to the relevant transaction would not be withdrawn under paragraph 3, and
(d)any previous transaction falls within sub-paragraph (2),
paragraphs 3[F2, 4 and 4ZA] have effect in relation to the relevant transaction as if the vendor in relation to the earliest previous transaction falling within sub-paragraph (2) were the vendor in relation to the relevant transaction.
[F3(1A)Sub-paragraph (1) has effect subject to sub-paragraph (3A).]
(2)A previous transaction falls within this sub-paragraph if—
(a)the previous transaction is exempt from charge by virtue of paragraph 1, 7 or 8,
(b)the effective date of the previous transaction is less than three years before the date of the event falling within sub-paragraph (1)(a),
(c)the chargeable interest acquired under the relevant transaction by the purchaser in relation to that transaction is the same as, comprises, forms part of, or is derived from, the chargeable interest acquired under the previous transaction by the purchaser in relation to the previous transaction, and
(d)since the previous transaction, the chargeable interest acquired under that transaction has not been acquired by any person under a transaction that is not exempt from charge by virtue of paragraph 1, 7 or 8.
(3)For the purposes of [F4this paragraph] there is a change in the control of a company if—
(a)any person who controls the company (alone or with others) ceases to do so,
(b)a person obtains control of the company (alone or with others), or
(c)the company is wound up.
References to “control” in [F5this paragraph] shall be construed in accordance with [F6sections 450 and 451 of the Corporation Tax Act 2010].
[F7(3A)Sub-paragraph (1) does not apply where—
(a)there is a change in the control of the purchaser because a loan creditor (within the meaning [F8given by section 453 of the Corporation Tax Act 2010]) obtains control of, or ceases to control, the purchaser, and
(b)the other persons who controlled the purchaser before that change continue to do so.]
(4)If two or more transactions effected at the same time are the earliest previous transactions falling within sub-paragraph (2), the reference in sub-paragraph (1) to the vendor in relation to the earliest previous transaction is a reference to the persons who are the vendors in relation to the earliest previous transactions.
(5)In this paragraph “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.]
Textual Amendments
F1Sch. 7 para. 4A and cross-heading inserted (with effect in accordance with Sch. 10 para. 16(1)(6)-(9) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 6
F2Words in Sch. 7 para. 4A(1) substituted (with effect in accordance with s. 96(6) of the amending Act) by Finance Act 2008 (c. 9), s. 96(5)(a)
F3Sch. 7 para. 4A(1A) inserted (with effect in accordance with s. 96(6) of the amending Act) by Finance Act 2008 (c. 9), s. 96(5)(b)
F4Words in Sch. 7 para. 4A(3) substituted (with effect in accordance with s. 96(6) of the amending Act) by Finance Act 2008 (c. 9), s. 96(5)(c)(i)
F5Words in Sch. 7 para. 4A(3) substituted (with effect in accordance with s. 96(6) of the amending Act) by Finance Act 2008 (c. 9), s. 96(5)(c)(ii)
F6Words in Sch. 7 para. 4A(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 416(5)(a) (with Sch. 2)
F7Sch. 7 para. 4A(3A) inserted (with effect in accordance with s. 96(6) of the amending Act) by Finance Act 2008 (c. 9), s. 96(5)(d)
F8Words in Sch. 7 para. 4A(3A)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 416(5)(b) (with Sch. 2)
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